The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, tabled the 2020 Fall Economic Statement (FES) on November 30, 2020. The statement, entitled Supporting Canadians and Fighting COVID-19: Fall Economic Statement 2020, represents the government’s first budget-like plan since the last full budget in March 2019. As expected, FES 2020 highlights the heavy economic impact of COVID-19 on the Canadian economy, with a forecasted federal deficit of over $380 billion for the 2020-2021 fiscal year.
The FES was a mix of specific commitments as well as priorities of the government which will be further articulated through future anouncements or the spring budget. As anticipated, there were substantial spending commitments aimed at getting Canada through the pandemic, and subsequently pursuing aggressive economic recovery through stimulus spending.
Highlights of the Fall Economic Statement include: